Marketing Mix Mkt 421

Marketing Mix

MKT 421

Marketing Mix

Marketing Mix is product, price, placement, and promotion; these four fundamentals is the framework that is marketing mix. By using these four elements an organizations marketing department can come up with a better thought out and prepared marketing plan. When a marketing department has a better understanding on the market mix it can have a great effect on profit and sales for the entire organization. The main purpose of the marketing mix is to be able to put a company into different categories so that each department can be looked at to make the customer’s needs taken care of, by know the customer’s needs can help an organization plan around those needs to gain more of the market share and have better profits. Also by understanding the market mix a company can see opportunities and any problems which can be handled a lot faster and easier.

The first part of the marketing mix is the product which is what a company produces to sell to the consumers to make a profit. There are many different types of products which can be your personal computer to a care, but also a product the company offers can also mean the service that an organization is offering such as carpet cleaning or when working with a lawyer. When a company has a product or is introducing a product they need to see the value it has for the consumer, how can the company get the best return through packaging and design. When looking at the second part of the marketing mix is price the easiest way to describe is that it is the amount that a company will charge to a customer for their product or service. A company has to establish the price of a product by looking at different factors which is the cost of production, shipping, return on investment, and the competitions pricing. Pricing of a product is one of the most important elements of the marketing mix by understanding that the cost to produce a product is very important, but as a company you have to...